Central NY median prices are up and new listings are increasing for Jan 2024

Syracuse, N.Y. – Feb. 22, 2024 – The Central New York median home selling price rose nearly 15% in January compared to January 2023 while the number of newly listed homes rose nearly 16%, according to the housing market report released today by the Greater Syracuse Association of REALTORS^® (GSAR). The median selling price of homes throughout the region was $201,950 in January 2024, while closed sales were on par with January 2023.

“Seeing signs of sellers beginning to return to the Central New York housing market is an encouraging start to the year,” said Nancy Quigg, GSAR president. “We are hopeful this will be the trend leading into the typically active spring and summer as it will give buyers additional options and help to meet demand.”

“Improving home inventory levels and some moderation in mortgage rates will encourage additional sellers to come off the sidelines in search of homes to meet their changing life needs, which have been considerations many placed on hold during last year,” said Lynnore Fetyko, GSAR CEO. “We anticipate our region’s economic growth through projects such as Micron will also have a positive effect on our housing market in the coming year.”

The 501 closed sales in January 2024, represents an increase of .4% compared to last January.

The January median home selling price of $201,950 represents an increase of 17.7% compared to the January 2023 median of $176,000.

The number of homes listed for sale was 1,115 at the end of January up 30.4% compared to January 2023. New listings were up 15.9% compared to January 2023.

The complete report is available here: https://www.cnyrealtor.com/clientuploads/Webpage%20Files/Stats/NYSAR_Stats/2024/NYSAR_GSAR_MMI_2024-01.pdf

Editor’s Note: All data is compiled from the Central New York Information Service and includes single-family residential activity in Cayuga, Madison, Oneida, Onondaga, Oswego and Seneca counties. 

The Greater Syracuse Association of REALTORS^® (GSAR) is the trade association representing more than 2,200 REALTORS^® in Central New York. Since 1911, GSAR’s mission has been to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR^® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS^®.

The Central New York Information Service, Inc. is a multiple listing service operated by a group of Central New York broker/owners. The data within the MLS is the property of the broker/owners and follows strict guidelines to ensure accuracy, sharing of information and complete data.